Singapore’s Commercial Affairs Department (CAD) has put Swiber Holdings under official scrutiny, adding to the company’s latest troubles.
The offshore vessel owner received a notice from CAD yesterday with regards to an investigation of an offence under the Securities and Futures Act.
CAD did not elaborate on the ongoing investigation but has requested information about Swiber Offshore Construction, PAPE Engineering and Swiber Corporate from 2012 to date.
The inspectors have requested access to the company’s relevant corporate secretarial documents, the announcements to the Singapore Stock Exchange (SGX), accounting records, documents of certain projects and corporate emails.
Swiber said it would cooperate fully with CAD in its investigations.
The company has been already reprimanded by SGX twice and it is accused of misreporting the news over a $710m contract from Royalgate Energy for work in Africa.
